bankingciooutlook

Key Features CIOs Must Ensure While Selecting Security Solutions

By Banking CIO Outlook | Friday, September 13, 2019

Security provisions in banks are getting a significant boost with configurable and dedicated IT solutions by leading vendors.  

FREMONT, CA: The winds of change are blowing strongly in the banking industry. As traditional banks come to terms with modern technologies, legacy models are being replaced with hi-tech systems. Through this transformational phase, banks are prioritizing security aspects. Security solutions designed by IT service providers can help banking companies to forge strong shields against risks and overcome challenges even when dealing with complex environments and distributed facilities. A security lapse can be detrimental to banks on many levels. Be it physical security or cybersecurity, there are exclusive tools to manage them effectively. Here are a few essential capabilities that CIOs must look for while picking IT security products so as to ensure secure banking services.

• Video-based Security Management

Video surveillance capabilities are central to any physical banking facility. A solution that empowers a bank to conduct video surveillance effectively is a must-have. The best solutions available in the market are optimized to provide all kinds of advanced monitoring and tracking features from a centralized platform and thus enhance the capabilities of the security control rooms in banks. Video analytics, holistic visualizations, and automatic incident management are some of the essential features that CIOs must pay attention to while looking for a software product in this category. Ideally, the solution should also be able to integrate well with the existing security tools and other third-party systems that bank have in place. Devoted tools that can detect intrusions, and point out suspects to give immediate alerts lead to enhance physical security in banks to another level.

Check out: Top Enterprise Security Solution Companies

• Customer Information Protection

Identity theft is a major security challenge that banks face today. As the channels for transactions diversify and evolve, banking companies have to develop security facilities in a way that prevents cybercriminals from gaining unlawful access to customer information like credit card details or other personal credentials. CIOs, therefore, need to be on the lookout for IT solutions that fortify bank transactions against security vulnerabilities. POS security is an essential aspect when it comes to securing cardholders from possible attacks. Solutions ought to have several levels of protection that can obstruct hackers from getting access to POS networks, screens, and systems. Encryptions, as well as quick recovery, are the mainstays of banking security solutions for information safeguarding.

• Tools to Safeguard ATMs  

ATMs are one of the most popular and widely used facilities. The recent trend of ATM frauds has been a worrying factor for banks all over the world. The banking industry can take a significant step towards arresting the fall of ATMs to cybercriminals by implementing IT security solutions, which have been exclusively designed to enhance the security of these machines. Essentially, ATMs need protection against malware attacks and card skimming frauds. Thus, CIOs must focus on implementing ATM security suites that have measures like data protection, keystroke interpretation, network barriers against sniffing, and virus removal. To maintain the safety of ATM networks, banks must continuously modernize the software, hardware as well as security strategies with the right IT tools.

The ability to strengthen security improves significantly when CIOs keep IT solutions optimized and relevant to the requirements of banking operations. Apart from the categories mentioned above, good security strategies should enable on-premise, cloud-based technology, front-end and back-end intelligence to detect and respond to threats in real-time and grant full-scale protections for customers, employees, equipment as well as operations. 

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